Disclaimer: This web site is designed for general information only and does not create attorney-client relationship. Persons accessing this site are encouraged to seek independent counsel for legal advice regarding their individual legal issues.

Incorrect Address

My father bought an agricultural land in the 60's in Bicol but because we are still young and studying then, we didn't know that he mortgaged the same with a rural bank.

Now that we are all grown up, we decided to check on the land and wound up with the following;1. The caretaker welcomed us and he is amenable that we take care of the land from him.2. We checked the bank foreclosure and found out discrepancies to wit;- the loan was named only for my father. Isn't it a conjugal property where my mother has also to sin?- the address in the foreclosure proceedings was Naga City but all documents in the Municipal Assessor's Office where the property is located is correct, but it is in Manila.

We are requesting your legal advise on the possibility of regaining the property, pay whatever is due and we understand that this is will cost us a lot.

I'm not sure, but if I remember corect, your father had right to make it collateral in his position as "family head" IF the land wasn't ONLY in your mother's name.

How long time ago was the foreclosure?If it was SOLD within 12 months ago, then you have right to buy it back for a STATIC price, which is different depending of situation.

But if I underatand corect, the property ISN'T sold, it belong to the bank still. Then you can:/participate in the bidding process/use your right to buy it for that static price/or try to NEGOTIATE with the bank. Banks DON'T want to be property owner any long time, because it lock their working capital. And there is a law saying they have to sell it within a time limit (5 years ?) The longer time they have had it, without they manage to sell it, the better chance to get a good negotiation agreement.